Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 03/03/97 |
|---|---|
| Ticker Symbol | CFVLX |
| Cusip | 200626828 |
| Minimum Initial Investment | $1,000 |
Commentary
Value stocks showed moderate overall performance in Q2 2025. The quarter was marked by a turbulent start with tariff concerns, promptly followed by a roll-back of the trade initiatives. Defensive sectors like energy and financials held strong through the spring pullback and proceeded to benefit as investor optimism improved from easing tariff tensions and supportive economic fundamentals. Even so, investors are still showing some reserve regarding an acceleration in the economy in the second half of 2025, which is further reinforcing a cautious yet constructive stance towards value stocks. The Commerce Value Fund’s return of 2.47% trailed the Russell 1000 Value Index return of 3.79%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were Broadcom Inc. (2.03%), Oracle Corporation (1.99%), and Eaton Corp. Plc (2.01%), returning 65.02%, 56.96%, and 31.79%, respectively. The Fund’s top detractors were PepsiCo, Inc. (1.92%), Merck & Co. (1.85%), and Amgen Inc. (1.92%), returning -10.97%, -10.93%, and -9.60%, respectively.
The Fund’s sector allocation added to performance for the quarter. The Fund’s 1.08% overweight in the Information Technology sector, which returned 15.84%, added to performance as it was the best performing sector. The Index had a 9.01% weight in the Information Technology sector. However, the Fund’s 1.01% underweight position in the Industrials sector hurt performance as it was a second-best performing sector, returning 13.68% for the quarter. The Index had an 14.85% weight in the Industrials sector.
| Total Fund Assets as of 6/30/2025 | $249,583,381 |
|---|---|
| Net Asset Value1 | $32.92 |
| Asset Allocation | |
| Equities | 99.3% |
| Cash | 0.7% |
| Weighted Average Market Capitalization | 315.5 billion |
Top 10 Equity Holdings2 as of 3/31/2025
| iShares Russell 1000 Value | 3.3% |
|---|---|
| JP Morgan Chase & Company | 2.9% |
| Duke Energy Corporation | 2.5% |
| Procter & Gamble Company | 2.4% |
| Bank of America Corporation | 2.4% |
| Mondelez International Inc. | 2.0% |
| Home Depot Inc. | 2.0% |
| Abbot Labs | 2.0% |
| Prologis Inc. | 2.0% |
| Chubb Limited | 2.0% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.